Two Resistance Levels Are Left Before BTC Sets New ATH

There are only two resistance levels left before Bitcoin sets a new all-time high, after going through a phase of immense volatility in the past few days. With its increase reaching a boiling point last night, the bulls stepped p and sent the coin flying to new highs of $18,600, so let’s read more in today’s Bitcoin news.

The selling pressure at the $18,600 level was intense and caused a massive selloff. In just a few minutes, the price decline from the highs of this level to a new low of $17,400 with the support sparking a sharp rebound. The coin stabilized and started consolidating below the $18,000 with a short-term technical outlook that looks strong.  One analyst even said that there are two resistance levels left before bitcoin hits a new all-time high. These levels could be soon broken.

Bitcoin saw some crazy price action over the past few days and weeks as the bulls were trying to control the trend and send it to new highs of $18,600 last night. However, these highs were not short-lived since there was a massive influx of selling pressure that stopped the cryptocurrency in its tracks. In a few minute’s time, the price declined by $1000 and dropped into the lower $17,000 region. BTC rebounded since and started consolidating below $18,000. One trader noted that there are only two resistance levels left which Bitcoin has to break for it to set fresh highs.

He pointed to the $18,900 level and $20,000 noting that above this level, there are only clear skies until $24,000. Because the bulls showed strength for the past 80 days, there’s a chance that it could go towards this level in the near-term. The latest uptrend seemed a little exhausted once the bulls sent it flying towards $19,000 and is now trading down from the highs set a few days ago. At the time of writing, the benchmark cryptocurrency is trading down by 1% with a price of $17,530 marking a slight increase from the daily lows of $17,400 but could also erase all gains that were previously seen before the V-Shaped recovery a day ago.

One analyst shared his opinions on where Bitcoin could trend next and he said:

 “BTC: Just hit the 1 to 1 extension from the March-August run. There’s not much to play with anymore in terms of targets. Only two levels left ahead are 18900 (highest weekly close) and 20k (ATH). 1.618 extension @ 23.775k.”